Do I Need Identity Theft Insurance?

Do I Need Identity Theft Insurance?

A recent study shows that millions of Americans has fallen victims to identity theft and over $16 million has been lost. IsentiId theft can happen to anyone not virtually people with lots of money or popular people.

Identity theft falls into these main categories which includes

Social security theft: this is one of the most common and most dangerous. Once a thief has stolen your social security number, he has access to almost everything about you. The thief can use your social security number to forge documents and even open credit card accounts.

Financial Identity Theft: this is involved mainly in online transaction a thief may be able to steal this information and charge all sorts of purchased to your card. It can be a long and difficult process to get these charges reversed.

Identity Theft Insurance Policy Features

Identity theft coverageForcomprehensive protection againstidentity theft, you may opt to purchase an insurance policy, which often includes credit alerts and account monitoring among other featureslisted above. Most policies offer $10,000 to $15,000 in coverage and have deductibles around $100 to $500.

Policy specifics vary based on the insurance company, but commonly covered expenses include:

  • Cost of obtaining credit reports
  • Credit monitoring services
  • Long-distance telephone expenses
  • Lost income
  • Legal costs

Companies Who Offers Identity Theft Insurance?

Some of the companies that are reliable and efficient that offers identity theft insurance includes


#1 Nationwide

Nationwide offers identity theft protection for only $45 per year. You can add identity theft protection to an existing auto, home, renters, condo or RV Nationwide policy. You will be reimbursed for up to $25,000 for out-of-pocket expense. There is also a team of resolution specialists available 24/7 to help you through the process of restoring your identity and credit. Monitoring services are available to notify you of any fraudulent activity detected involving your social security number, email address, passport, date of birth, driver’s license, debit/credit cards or banking information.

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#2 Liberty Mutual

Liberty Mutual offers the services of its Identity Fraud Crisis Resolution Center whenever any fraudulent activity is detected. The team will contact credit agencies on your behalf and help in filing any necessary reports. In addition, the team will immediately notify the three national credit bureaus (TransUnion, Equifax, and Experian) whenever fraudulent activity is detected. Liberty Mutual reimburses expenses up to $15,000 per occurrence and $30,000 per policy term for these expenses: attorney fees, long-distance telephone calls, loan application fees, lost wages, and mailing and notarization costs.

#3 State Farm

State Farm’s Identity Restoration Insurance Policy costs just $25 per year and can be added to an existing home, apartment, condo, mobile home or farm policy. The coverage includes you and any spouse, relatives or dependents under 21 living in your household. You will have a dedicated case manager who will work with credit card companies, credit bureaus and any financial institutions for up to a full year in resolving a covered incident. State Farm reimburses you for expenses up to $25,000 for expenses including application filing, credit reports, bank fees, defense costs, notarization costs, telephone charges, postage, and defense costs for any civil suits.

Updated: November 30, 2018 — 4:27 pm

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